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The crypto space is witnessing a new kind of memecoin magic, and it involves a sloth, who powered a memecoin to a $650 million market cap.
Slerf Coin, launched on Solana earlier this week, has taken the market by storm, defying expectations with a story that's been a rollercoaster ride of accidental burns, celebrity endorsements, and skyrocketing trading volumes that perfectly encapsulates the current bull run's anything-goes spirit. After reaching a $650 million market cap, the token then dumped to a $200 million market cap, though it's now at $404 million as of writing.
Slerf's launch earlier this week was marred by what the developer, @Slerfsol, claims was an accidental burning of all presale funds, totaling $10 million. Despite this seemingly fatal error, the project found unexpected life. Slerfsol's transparency, including a mea culpa on a live audio space with 30,000 listeners, resonated with the crypto community who saw authenticity, a rare commodity in a world of shilling and scams.
The "accidental" burn turned into a viral marketing coup. Slerf experienced a surge in trading volume, surpassing even that of Ethereum at one point, according to Coindesk. This frenzy was further fueled by the involvement of prominent figures like Tron founder Justin Sun and Jupiter founder meow, who pledged support for the project.
Slerf's journey continued with rapid listings on 16 major exchanges, including HTX Global, Bitget, MEXC, and BingX. A donation campaign to support presale buyers affected by the accidental token burn has already raised over 3,688 SOL ($694,246).
The circumstances surrounding the initial token burn add a layer of intrigue. Was it truly an accident, or a calculated marketing move to generate buzz? Regardless of the intent, it sparked a conversation and propelled Slerf into the crypto spotlight, including coverage on Bloomberg by none other than Matt Levine.
In a market fueled by trends and fueled by FOMO, that's all a memecoin needs to take flight.
Whether Slerf Coin becomes the next Dogecoin or fades into obscurity remains to be seen. But one thing's for sure: in this bull run, even a sloth can outrun the odds.
